Earnest Money

The earnest money deposit is an important part of the home buying process. It tells the seller that you are a committed buyer and helps fund your down payment. Without earnest money, you could make offers on many homes, essentially taking them off the market until you decided which one you liked best. Sellers rarely accept offers without earnest money deposits. Assuming that all goes well and your offer is accepted, the earnest money will go toward the down payment and closing costs.

The amount of the earnest money deposit depends on several factors, such as what the current real estate market demands, and what the seller requires. However, on average you can expect to pay a total of 5-10 percent of the total purchase price as earnest money.

Once you decide to purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate buyers for several years now and have earned membership in the Better Business Bureau. Please feel free to visit our website  for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Advantages of a 20% Down Payment

Saving for your first home can be hard but putting 20% down has it's advantages:

• A 20% down payment is viewed as ideal by lenders because you are investing a significant amount of your own money in your home. The lenders risk is reduced making it easier to obtain a loan. 
• You eliminate the need for private mortgage insurance. PMI  provides insurance to the lender in case you default on your loan. This is an additional monthly expense added to your mortgage payment that you will not have to pay.
• A 20% down payment will qualify you for a slightly lower interest rate. 
• You instantly have 20% equity in your home, which you can get back as part of your profit when you sell or borrow against in the future. 

Our experienced Real Estate Attorneys have been representing buyers for several years and have earned membership in the Better Business Bureau. Once you decide to purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Feel free to visit our website for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Estate Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago leases, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Chicago-area homeowners are still underwater

On April 17, 2014, Mary Ellen Podmolik of the Chicago Tribune reported  that  almost 1/3 of Chicago-area homeowners are still significantly underwater. She states that  despite improving home prices, 31 percent of Chicago-area homeowners with a mortgage were seriously underwater in March, owing at least 25 percent more on their home loans than the property’s value.

We can help you get back on track. You have options and we at Bradford Miller Law can provide you with information about the Short Sale process. This option is not as damaging to a person's credit as a foreclosure or bankruptcy. Bradford Miller Law can help you make an informed decision and legally guide you through the short sale process. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Estate Planing Lawyer, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Are foreclosures on the rise in Chicago?

On April 9, 2014, Mary Ellen Podmolik, of the Chicago Tribune reported that foreclosure activity in the Chicago area in March, 2014 was down more than 30 percent from a year ago, but the pace was greater than in February.

Mary Ellen states that about 7,400 properties in the Chicago area received notices in March that foreclosure proceedings had begun, the home was scheduled for a court-supervised auction or the home had been repossessed and become bank-owned, according to data from RealtyTrac. The total level of activity declined 33 percent from March 2013 but was up 22 percent from February.

Also reported last month, 1,865 Chicago-area homes, including 1,001 in Cook County, became bank owned. During the first quarter, 5,853 homes became bank owned in the region that extends from Kenosha, through the Chicago area and to Northwest Indiana.

In addition, the company’s report also found that it took an average of 830 days for an Illinois property to complete the foreclosure process during the first quarter.

You have options if you are facing foreclosure. Contact Bradford Miller Law for information about the Short Sale process. We can talk to you about this option, as it is not as damaging to a person's credit as a foreclosure or bankruptcy. Give us a call at (312) 238-9298 for a free 15-minute consultation. Our office has experience handling short sales in Chicago and the surrounding suburbs. We can help you make an informed decision and legally guide you through the short sale process.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.

Pros and Cons about making a smaller down payment.

Pros:

• You may have additional cash to cover emergencies, maintenance and repairs. 

Cons:

• You will need to pay Private Mortgage Insurance (PMI) to your lender.
• Your loan will be larger therefore, your monthly payments will be more.
• Typically, the interest rate will be a little higher than the ideal 20% down payment. 

The decision about the size of your down payment depends on a variety of factors. You will need to consult with a lender to evaluate your loan options.

Once you decide to purchase a home, Bradford Miller Law can help you with your transaction at a very reasonable rate. Our experienced Real Estate Attorneys have been representing real estate buyers for several years now and have earned membership in the Better Business Bureau.  Please feel free to visit our website  for information about our firm and information about buying a home. If you have any questions about the process, give our office a call.

Posted by Bradford Miller Law, P.C.
134 N. LaSalle Street, Suite 1040
Chicago, IL 60602
312-238-9298

http://www.bradfordmillerlaw.com

Offering free legal representation to homeowners seeking a short sale

Key words: Chicago short sale attorney, Chicago residential real estate attorney, Chicago landlord tenant law attorney, Chicago eviction attorney, Chicago estate planning attorney, Chicago real estate attorney, Chicago real estate lawyer, Chicago building code violations, Chicago real estate attorney fees. This is intended to be advertising. Please consult with an attorney before acting on any information given here.